Company warns strong weakening of some currencies against U.S. dollar hurts its sales

Magna International Inc. on Thursday reported earnings that were ahead of expectations but said the weakening of some currencies against its U.S.-dollar reporting currency hurt sales in the first quarter.

The Canadian auto-parts giant said sales fell 7% from a year earlier to $8.33 billion. The result was slightly better than the $8.31 billion that analysts were expecting, according to a Thomson Reuters poll. Excluding currency-translation impacts, notably the weakening of the euro and Canadian dollar, sales rose 3%. North...